As we embark on a new year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...]
A Look at 2021 Medicare Premiums and Deductibles
As elder law attorneys, we pay close attention to the government programs that senior citizens rely on. Medicare is certainly one of them, and there are adjustments to the out-of-pocket costs each year to account for the cost of living. The new numbers for 2021 have been released, and we will look at them here. Part A Deductible and Coinsurance The Medicare program is broken up into four … [Read more...]
An Overview of IRA Rules for Beneficiaries
An individual retirement account can provide a nest egg during your senior years, and the account can become part of your estate if you never need the money. There are also people that proactively use IRAs for estate planning purposes. With the above in mind, we will deliver an overview of the rules for IRA beneficiaries in this post. But first, we will provide an explanation of the parameters … [Read more...]
Will My Estate Be Taxed?
Taxation is naturally going to come to mind when you start to consider the estate planning process. In this post, we will provide an overview, and most of the news is surprisingly good. Income Taxes In most states, including Illinois, if you receive a direct bequest via the terms of a will, you would not be required to report the inheritance as income on your state and federal returns. In … [Read more...]
Attend to These Finer Estate Plan Details
People often think of estate planning as the act of drawing up a will or a trust to state your final wishes with regard to asset transfers. This is definitely at the core of the process, but there are some finer details that should be addressed as well, and we will look at three of them here. Advance Directives for Health Care A properly constructed estate plan will address end-of-life … [Read more...]
